Can I Finance My New Deck?

February 5, 2020

Are you in the market for a new deck, but don’t have the cash to pay outright? Adding a deck onto your home may increase your enjoyment of the home as well as the resale value, but coming up with the money can be a challenge.

finance your new deck

Many homeowners wonder how they can finance their deck or patio project and the truth is there are several options available, all with their own pros and cons. Let’s look at some of the financing options available for a new deck

Home Improvement Loan

A home improvement loan can be obtained through your mortgage lender and uses the equity you have in your home as collateral. A home improvement loan is usually for a certain amount that can be drawn from over time, instead of a one-time payout. These loans will be paid back in addition to the mortgage, on a different timeline (usually 15 years). A home improvement loan is a good option if you have a decent amount of equity in your home and you plan to do several projects over the course of a few years. 

Personal Loans

A personal loan can be obtained through the bank based on your credit and your debt to income ratio. These loans are a good option if you don’t have much equity in your home but have the ability to pay the loan off faster than a home improvement loan. Personal loans also allow you the ability to shop around with lenders for the best interest rate and lowest fees. 


Homeowners are also able to refinance their mortgage to include the amount needed for home repairs and/or modifications. This is an option for homeowners who have equity in their property. For homeowners who have very little equity or are “upside-down” on their home, this is not an option. 

Through Your Builder

One of the best and most popular ways to finance a deck is directly through the deck builder. Many builders offer financing, whether it be through their own company or through a financing company they partner with. When financing through a builder make sure you are clear on any additional fees there might be associated with their financing. 

Simple Financing with Custom Deck Builders, LLC

Whether you are looking to finance your new deck through your mortgage lender or through us, Custom Deck Builders is here to help. We are a new deck builder in Maryland and offer easy financing for our customers so we can get your deck started quicker. If you have any questions about the financing we offer, or you’d like to get a free deck estimate today, give us a call